Being physically active is a must to stay fit and healthy. Cycling is an excellent way to keep a list of health issues at bay. This activity helps people to stay away from the dangers of a sedentary lifestyle. Moreover, people of different age groups can enjoy riding bicycles.
Be it young kids or grown-ups, this low-impact exercise is fun-loaded, budget-friendly, and environment-friendly. All these reasons are acting as growth factors for the bicycle market.
Current Bicycle Market
- The worldwide market of the bicycle was estimated at USD 47.51 Billion in the year 2017. However, the market expansion at a 6.1% of CAGR is predicted in the year range of 2018 to 2025.
- Nowadays, more and more people are choosing bicycles over other vehicles when it comes to leisurely riding. This factor can more likely expand the growth of the bicycle market.
- Many people are opting for bicycles to ensure healthy living. Cycling acts as a great means to shed excess pounds from the body and makes one get rid of obesity. Health consciousness is another factor that is thought to accelerate the global bicycle market.
Advanced Trends of Bicycle
- The dockless bicycle-sharing systems are getting extremely popular. These systems enable users to find out their bicycles nearby followed by unlocking the same electronically. Europe is the place of origin of the dockless bicycle-sharing systems.
- Moreover, it is the era of mobile apps and GPS (Global Positioning System) for which the application-based dockless bicycle-sharing system is on the rise today. Hence, the growth of dockless bicycle-sharing systems is predicted to tremendously accelerate the demand for bicycles.
- Chinese bicycle-sharing organizations are specifically investing as well as advancing their businesses in European countries. It is further increasing and funding the bicycle market opportunities. Thus, the market is expected to grow throughout the forecast period.
More Inclination towards Bicycle
- Many people are opting for bicycles to ensure healthy living. They are realizing the importance of leading a healthy life for which sufficient physical activity daily is a must.
- Regular bicycling poses great help to keep many health issues (such as obesity) at bay. Since more and more individuals are preferring bicycles as a mode of workout, the bicycle market is anticipated to grow tremendously.
More Factors for Bicycle Market Growth
- Day-to-day traffic congestion makes people annoyed and late for work. Moreover, a growing number of private vehicles are creating a shortage of parking spaces. However, bicycles can help to check these issues.
- Nowadays, many people are choosing bicycles when it comes to covering short distances. Other than providing outstanding health benefits, bicycles are saving a lot of time.
- Nevertheless, the infrastructure to keep smooth communication with bicycles is insufficient in developing nations. And it can put a barrier to the growth of the bicycle market. Moreover, lightweight bicycles are manufactured with costly composite materials. It can hinder the expansion of the bicycle market.
- Other than being a user-friendly mode of transport, bicycling also becomes a popular sporting and pastime activity. The traditional segment achieved the maximum market share in the year 2017.
- Furthermore, electric bicycles are expected to achieve growth at a CAGR of more than 6% throughout the forecast period.